ED Returns Assets Worth ₹63 Crore to SBI and UCO Bank in GS Oils Case
The Enforcement Directorate (ED) has restituted assets worth ₹63 crore to the State Bank of India (SBI) and UCO Bank in connection with the GS Oils case, officials said on Tuesday. The assets were attached earlier as part of a money laundering investigation under the Prevention of Money Laundering Act (PMLA).
According to the ED, the restitution follows directions from the special PMLA court, enabling the secured creditors to recover part of their losses caused by the alleged financial fraud. GS Oils and its promoters had allegedly defaulted on large bank loans, leading to a probe into diversion and laundering of funds.
Officials said the move reflects the agency’s focus on restoring proceeds of crime to legitimate stakeholders, particularly public sector banks. The ED reiterated that asset attachment and restitution are aimed at protecting the financial system and ensuring accountability in high-value economic offences. Further legal proceedings in the case are continuing, and additional recoveries may follow based on court orders and investigation outcomes.
